A major part of the revenue of Rs 277.5 crore was generated from saving bank operations, Rs 150 crore from business development products and Rs 72.5 crore from traditional postal services, Rajan told reporters in Hyderabad on Wednesday.

Giving details of the new schemes to be launched shortly, Rajan said the department is planning to start a service called 'MO Videsh' soon, which would facilitate customers to either transfer or receive money from foreign countries.

It was a step forward by the postal department in providing services to its customers allowing for both inward and outward international remittances, including cash remittances, Rajan said.

"There would be four types of international money remittances such as cash to cash transfers, cash to account, account to cash and account to account transfers possible across countries, he said.